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Strangely, mortgage rates are up by as much as 0.250% today. I can only assume that lenders are protecting themselves against future movements in price because the calm activity in the mortgage-backed securities market shouldn't warrant such a drastic change.
This is one way in which expectations of a future event can actually make them happen. Lenders are worried that rates should be higher down the road, so they raise them today. Those higher rates put pressure on the economy and when the future date arrives, the lenders are "proven" correct because the market has reacted to their changes.
It's a giant circle, around and around we go.
If you're in the process of buying or remortgaging, hopefully you locked you rate yesterday. If not, never fear... The Fed meets Tuesday and expectations coud shift again.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator click to get a free, no-obligation rate quote.
You can also find Dan on Twitter and Google+.
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